Core Viewpoint - The importance of providing correct asset allocation advice is emphasized over merely selecting good products, highlighting the evolving role of investment advisors in connecting capital markets with investors' wealth management needs [1][3]. Group 1: Development of Fund Advisory Services - The buy-side advisory model in China has made significant progress since the pilot program for public fund advisory services was launched over five years ago, with the number of participating institutions growing from 5 to 60 [4]. - As of the end of last year, the cumulative signed client assets for the fund advisory business at China Merchants Securities exceeded 30 billion yuan, and as of June 5, this figure approached 35 billion yuan [2]. - The fund advisory product system at China Merchants Securities covers various fund types, including money market, fixed income, equity, and global investments, offering dozens of combinations to meet diverse client needs [2]. Group 2: Focus on Pension Advisory Services - China Merchants Securities has launched a comprehensive pension advisory service, which includes designing public welfare fund advisory combinations, creating pension fund of funds (FOF) advisory combinations, and providing personalized pension advisory services [2]. - The company aims to support the development of the pension industry while allowing investors to participate in public welfare initiatives through its advisory services [2]. Group 3: Market Trends and Future Outlook - The transition of the fund advisory pilot program to a regular practice is anticipated to accelerate, driven by regulatory support from the China Securities Regulatory Commission [3][5]. - Industry experts believe that the establishment of user trust and awareness of advisory services remains a challenge, necessitating ongoing education and tailored solutions to meet investor needs [5]. - The shift towards regularization of fund advisory services is expected to bring profound impacts and new opportunities and challenges to the fund and wealth management industries [5].

Core Viewpoint - The company has launched a public welfare financial brand "Yizhao Xiangshan Zhi Yuan Qianxing," introducing the first fund advisory public welfare portfolio in the industry, committing over 50% of service fees to public welfare projects, and establishing the first ESG public welfare financial laboratory in the industry [1][2]. Group 1 - The company aims to integrate public welfare financial innovation with ESG concepts to explore new pathways for wealth creation and contribute to common prosperity and high-quality development [1][3]. - Since the launch of the "Yizhao Xiangshan" series on September 9, 2024, the company has introduced two major public welfare portfolios focused on education and elderly care, with a total signed scale exceeding 800 million [1][2]. - The first donation for the elderly care project has been completed, focusing on creating safe bathing environments for the elderly, while the education project aims to support children in remote rural areas [1][2]. Group 2 - The donation process is transparent and can be tracked in real-time through the company's APP and nationwide branches, promoting a dual-channel and fully transparent service system [2]. - The company has established the "招商证券 ESG Public Welfare Financial Innovation Laboratory" to explore standardized paths for public welfare finance and promote industry development [2]. - To address the aging population trend, the company has launched a comprehensive elderly advisory service, including designing public welfare fund advisory portfolios and providing personalized advisory solutions [2][3].

Overall Situation - The tourism revenue shows steady growth, but travel demand appears relatively flat, with domestic travel during the Dragon Boat Festival in 2025 expected to reach 119 million trips, a 5.7% increase, and total domestic travel expenditure projected at 42.73 billion yuan, up 5.9% [1][2] - Daily average inbound and outbound tourism is 1.969 million people, a year-on-year increase of 2.7%, which is below the official expectation of 2.15 million, representing a 12.2% increase [1][5] Transportation Situation - The total cross-regional personnel flow is expected to reach 657 million during the holiday, with a daily average of 21.9 million, reflecting a year-on-year growth of 3.0% [3] - Railway passenger volume is projected at 47.108 million, with a daily average of 15.7027 million, showing a 2.3% increase [3] - Road travel is expected to account for 600 million trips, with a daily average of 20 million, marking a 3.14% increase [3] Hainan Duty-Free Sales - During the Dragon Boat Festival, Hainan's duty-free shopping amounted to 187 million yuan, a decrease of 8.8%, with 31,300 shoppers, down 18.9% [4] - The average spending per person was 5,974 yuan, an increase of 12.5% [4] Outbound Tourism - The total number of inbound and outbound personnel during the holiday reached 5.907 million, with a peak of 2.086 million on June 1 [5] - The number of inbound foreign visitors under visa-free policies increased by 59.4% compared to the previous year [5] Investment Recommendations - The industry suggests focusing on the recovery of short-distance self-driving and family travel, with a recommendation to pay attention to companies related to leisure tourism and outbound travel, including Ctrip Group, Tongcheng Travel, and hotels driven by business travel demand [6]

Core Viewpoint - The article highlights the launch of "Yizhao Xiangshan • Zhi Yuan Qian Xing" public welfare financial brand by China Merchants Securities, which includes the establishment of the first ESG public welfare financial laboratory in the industry, aiming to integrate public welfare with financial innovation and ESG principles [2][7]. Summary by Sections Public Welfare Financial Services - China Merchants Securities has introduced the "Yizhao Xiangshan" series, focusing on educational and elderly care themes, with a cumulative signed scale exceeding 800 million yuan, covering nearly a thousand investors [3][5]. - The company aims to support national technological self-reliance and social wealth preservation through innovative public welfare financial services [3]. Fund Advisory Public Welfare Combinations - The company launched a series of public welfare financial services in September 2024, offering both collective and customized service models, including money market and bond product combinations [4]. - Each theme (education and elderly care) features a money market and a bond fund combination, with three products having a subscription threshold of 1,000 yuan and one at 10,000 yuan, catering to low-risk investors [4]. - The advisory fee for three products is set at 0.1% per year, while one product is at 0.2% per year, with over 50% of the advisory fees being allocated to public welfare initiatives [4]. Wealth Towards Good Ecology - The chairman of the Shenzhen Aging Development Foundation emphasized the importance of financial innovation in supporting the sustainable development of public welfare institutions [6]. - The first donation for the elderly care project has been completed, focusing on creating safe living environments for the elderly [6]. - The educational project aims to assist children in remote areas through partnerships with local foundations [6]. ESG Public Welfare Financial Innovation Laboratory - The ESG public welfare financial innovation laboratory will collaborate with the Shenzhen Social Responsibility Center to explore standardized paths for public welfare finance [7]. - The laboratory will focus on research, product design, and standard formulation in the public welfare finance sector [7]. Systematic Pension Advisory - As part of the national response to aging, pension finance is a key focus area, with China Merchants Securities offering a comprehensive pension advisory service [8]. - The service includes designing public welfare fund advisory combinations and providing personalized pension advisory solutions [8]. - The company emphasizes low investment thresholds and low volatility characteristics in its public welfare fund advisory combinations to enhance customer experience [8]. Investment Strategy and Customer Focus - The company aims to provide accurate market assessments and asset allocation advice, highlighting the importance of a customer-centric approach [9]. - Over the past three years, clients who signed up for the fund advisory services have seen significantly higher average returns compared to those who did not [9].

Core Summary - In 2025, the securities industry is expected to experience a dual increase in profitability and valuation due to favorable policies and liquidity support, with a focus on the improvement of brokerage services, proprietary asset allocation, and international business as sources of performance differentiation [4][5] Group 1: Policy and Liquidity Support - The major highlight for the securities sector in 2025 is the favorable policies and liquidity support, particularly the implementation of the "Plan to Promote Long-term Funds into the Market," which sets clear investment scale and ratio requirements for public funds, insurance funds, and pension funds [4][12] - The People's Bank of China implemented a "combination punch" of interest rate cuts and reserve requirement ratio reductions in May 2025, which is expected to drive residents' deposits and bank wealth management products towards equity assets [4][34] Group 2: Wealth Management - The trend of residents moving their deposits to equity assets is accelerating, supported by the new public fund regulations and the full rollout of the personal pension system, which is expected to bring incremental investments to public funds [4][32] - The public fund fee structure is being reformed to focus on investor returns, aiming to enhance the investment value and attract more long-term capital into the market [4][35] Group 3: Proprietary Business - The proprietary investment performance is expected to be differentiated due to regulatory restrictions on derivatives and limited space for bond market allocation, with equity allocation becoming the core of proprietary performance [4][21] - The securities firms are encouraged to increase their allocation to high-quality equity assets, while the fixed income segment is expected to shift from a "lying win" strategy to a more diversified "fixed income+" investment approach [4][5] Group 4: International Business - The internationalization of securities firms is seen as an inevitable trend, with large firms accelerating their global market penetration, particularly in Southeast Asia and the Middle East, driven by the demand for cross-border financing and mergers [4][5] - The regulatory environment is being optimized to create a market-oriented, legal, and international business environment, facilitating the expansion of international business for securities firms [4][5] Group 5: Investment Analysis - The overall outlook for the securities sector is positive, with expectations of profitability and valuation increases, driven by differentiated competition in proprietary investment, wealth management, and international expansion [4][5] - Recommended investment targets include leading firms with strong comprehensive capabilities, firms with significant earnings elasticity, and those with robust international business competitiveness [4][5]

Group 1 - The first fund advisory public welfare portfolio in the brokerage industry has been launched in Shenzhen, with the first donation completed for elderly care public welfare [1][2] - The "Yizhao Xiangshan" series of fund advisory public welfare portfolios has signed contracts exceeding 800 million yuan since its launch in September 2023, covering nearly a thousand investors [2][3] - The company aims to integrate public welfare financial innovation with ESG concepts to contribute to common prosperity and high-quality development [2][3] Group 2 - The company has established a dual-channel promotion and full transparency service system through its app and offline network, allowing investors to track donation flows and project progress in real-time [2] - The company encourages voluntary donations from investment returns to expand the public welfare funding pool and establish a long-term service mechanism [2][3] - Other financial institutions have previously allocated a portion of management fees from public funds and asset management products to public welfare initiatives [4]

招商证券总裁人选终落定。近日，招商证券发布公告称，聘任朱江涛为公司总裁。至此，曾任招商银行 副行长的朱江涛正式"接棒"此前退休的原总裁吴宗敏。值得注意的是，近半个月，招商证券还新增聘任 两位副总裁。有业内人士表示，具有银行从业背景的新总裁到任，对招商证券而言是积极信号，对其后 续发展及业绩表现也有望产生提振作用，新总裁可能也会更加注重公司的合规管理。 王治鉴则自2021年5月起任招商证券总裁助理，2025年2月起任公司首席投资官，2021年5月—12月任招 商致远资本投资有限公司副董事长，2021年12月—2022年1月任公司投资银行委员会副主任委员等。 有望推动合规管理水平提升 6月3日，招商证券发布公告表示，董事会提名委员会预审通过关于聘任朱江涛为公司总裁的议案，任期 自董事会审议通过之日起，至第八届董事会届满之日止。回顾此前，原总裁吴 宗敏在5月6日到龄退休，换句话说，时隔仅1个月，新总裁即正式"接棒"。 公开简历显示，朱江涛有着多年的银行从业背景，且风险管理相关经验丰富。具体来看，朱江涛在2023 年8月—2025年5月任招商银行执行董事，2021年9月—2025年5月任招商银行副行长，2020年7月 ...

致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2025年6月5日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,27 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [44]. Core Insights - The report highlights that the profit growth of industrial enterprises has shown improvement, with April's cumulative profit growth rate rising to 1.4%, up from 0.8% in March, driven by a narrowing decline in profit margins [3][6]. - The analysis indicates a divergence in profitability across different sectors, with upstream mining continuing to be a significant drag on overall industrial profits, while the midstream equipment manufacturing sector has seen substantial profit growth due to export initiatives and supportive policies [4][5]. - The report emphasizes the cautious outlook of enterprises regarding future production and market conditions, as reflected in the slowing inventory growth [6]. Summary by Sections Industrial Profit Analysis - In April, the cumulative year-on-year growth rate of revenue for industrial enterprises was 3.2%, slightly down from 3.4% in March, while the cumulative profit growth rate improved to 1.4% [3]. - The report notes that the Producer Price Index (PPI) showed a cumulative year-on-year decline of 2.4%, indicating a "stable volume but declining price" scenario in the industrial sector [3][6]. Sector Performance - Upstream mining remains the largest drag on industrial profits, with most sectors experiencing negative profit growth except for non-ferrous metal mining [4]. - Midstream raw material manufacturing saw a significant decline in profit growth, dropping nearly 9 percentage points, while midstream equipment manufacturing experienced a substantial increase in profit growth due to favorable export policies [5]. - Downstream consumer goods manufacturing showed a slight decline in profit growth, reflecting weak consumer demand [5]. Future Outlook - The report anticipates that the easing of tariffs between China and the U.S. will lead to lower export costs and a recovery in external demand, which, combined with domestic policy support, could sustain profit growth in industrial enterprises, particularly in the equipment manufacturing sector [6]. - However, it also warns that price factors may continue to suppress profit margins, as indicated by the expanding decline in PPI, which reflects weak terminal demand and overcapacity issues [6].

Group 1 - The company is convening its 2024 Annual General Meeting (AGM) on June 26, 2025, at 10:00 AM in Shenzhen, Guangdong Province [2][10] - The AGM will utilize a combination of on-site and online voting methods, with online voting available through the Shanghai Stock Exchange's system [3][8] - Shareholders must register to attend the meeting, with specific registration methods outlined for domestic and foreign shareholders [10][14] Group 2 - The meeting will review various proposals, including special resolutions and those requiring separate voting for minority investors [6][7] - Certain related shareholders are required to abstain from voting on specific proposals due to conflicts of interest [7] - The company will provide reminders and assistance for small investors to ensure their participation in the voting process [8]